About Chartology

With "Chartology", you'll be sitting in the front row as I discuss price action analysis, market cycles, chart pattern setups, optimal trading time and volatility analysis, as well as the psychology behind price action. Put these tools together and you're looking at how to begin mastering the charts. In fact, be sure to watch the "Your Forex Questions Answered" video here.

Every day, occasionally more often, I'll additionally discuss order entry, U.S. Dollar Index, crude oil, gold, and the Dow. Forex trading allows and requires a viewpoint that goes beyond simply analyzing the pairs. I'll explain in detail how I scan for trades — I call it "triage" — how I set up trades proactively, and how I manage entries and risk. Trading isn't all that diffcult but the process of finding your tools and approach and trusting them is. So here's your front row in my trading office, thanks for reading, let's get going!

Who is Queen Cleopiptra?

Raghee Horner is a private trader, founder of EZ2Trade Software, entrepreneur, and author. She has been trading forex, as well as futures and stocks for almost twenty years. She is a regular contributor at a number of sites including FXStreet, Trading Markets, Autochartist, eSignal and a featured speaker at the Forex and Traders Expos. Her commentary and analysis is seen daily by thousands of traders at her personal blog ragheehorner.com. She has written articles for Technical Analysis of Stocks and Commodities, Currency Trader, Your Trading Edge, and Traders Journal magazine.

USD/JPY 60 min Swing Set Up

I’ve been watching this range today on the USD/JPY. With the Dow taking a breather today the dollar-yen has been range-bound.

With the current ceiling near at the 94.80 minor psych level and the support waiting down at 94.00, I’m watching the see if there is anything that can be set up off the 94.80 level since it appears to be a decision level. For me that means that there is enough psychology built up there that a trade would follow through…now the question is to short off the ceiling or wait for a breakout. The market cycle on each time frame will shed some light on that.

Here’s the 60 minute chart that I am watching for a swing going into the Sydney open and Asian session:

Now the chart may look squeezed in and that’s because in order to get the lookback in and the correct Wave angle reading, that’s the initial view I need. Here’s the zoomed in look at the set up:

This shows prices are at the at the bottom line of the Wave right now and this means the swing short has triggered at 94.65 which is the 34ema low. The initial downside targets are 94.20 and 94.05. The point of validity (initial, risk-based stop loss) is 94.91 but for those of you who want to use the “00” as a backstop will want to move that to 95.05.